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The Indian rupee fell to a 22-month low of 77 per dollar, followed a strong US currency and a steep increase in crude oil prices as tensions between Russia and Ukraine continued to grow. Investors flocked to safety assets after Putin's declaration that the conflict would continue, prompting the US to contemplate imposing an embargo on Russian crude oil imports. Previously, the West disconnected Russian banks from SWIFT and the US prohibited transactions with the Russian state bank, restricting Russia's ability to utilize assets to support disruptive operations. Simultaneously, global crude oil prices increased precipitously, putting upward pressure on India's trade imbalance and inflation, since the nation imports two-thirds of its oil. Additionally, India's GDP growth fell to 5.4 percent in September-December 2021, down from 8.4 percent in the previous quarter and far below market expectations of a 6% increase, as Omicron cases and increasing global commodity costs weighed on the economy. In March 2022, the Indian Rupee achieved an all-time high of 77.14. Indian Rupee - historical data, projections, and charts - was last updated in March 2022.
Additionally, a set of customs laws prohibiting the import and export of rupees impact convertibility. Legally, only up to â125000 in cash may be imported or exported at a time, and holding of â1200 or higher notes is forbidden in Nepal. [68] [69] Currency conversions to and from rupees are likewise controlled. In addition to active trading in currency markets, the RBI maintains a capital control mechanism. There are no currency conversion limits on the current account, which makes it easier to acquire or sell foreign money (although trade barriers exist). Foreign institutional investors enjoy convertibility on the capital account, allowing them to move money into and out of the nation and purchase assets (subject to quantitative restrictions). Local enterprises have the ability to export cash in order to develop abroad. Local families, on the other hand, are constrained in their capacity to diversify worldwide. India is progressively heading toward complete de facto convertibility as a result of the increase of its current and capital accounts.
